PETERSBURG, FL - Metro Development Group, in partnership with Porter Development, broke ground on Azalea Cay, a new residential community located at 1501 72nd Street North in St. Petersburg. Azalea Cay is Metro’s first multifamily community, marking the launch of its Multifamily division with more communities to come.
Mayor Ken Welch, Pinellas County Commissioner Brian Scott, St. Petersburg City Councilmember Copley Gerdes, community leaders and project partners joined Metro Development Group and Porter Development to celebrate the start of construction.
Phase One represents an approximately $109.8 million investment and will include 341 apartments. Of those, 51 homes will be available to households earning at or below 80 percent of the Area Median Income (AMI), and another 51 will be available to households earning at or below 120 percent of the Area Median Income. The remaining 239 apartments will be offered at market rate.
“Azalea Cay demonstrates what is possible when the public and private sectors work together toward a shared goal,” said Kartik Goyani, principal of Metro Development Group. “The support of the City of St. Petersburg and Pinellas County has helped make it possible to move this important project forward. Together, we are creating more housing choices while bringing new life and long-term value to this property.”
The development is supported by $11.25 million in combined public investment. The City of St. Petersburg approved $6 million for Phase One, while Pinellas County committed $5.25 million in Penny for Pinellas affordable housing funds.
"Azalea Cay is the result of creative solutions and strong partnerships working together to address housing affordability and availability, in St. Petersburg," said Mayor Kenneth T. Welch. "This project will directly benefit our community by bringing together affordable, workforce, and market-rate housing. It will provide more housing options for the people who make St. Pete work every day - teachers, first responders, hospitality workers, and so many others who want to live in the community they serve. This is real, measurable progress, and it's possible because we're working together. We look forward to watching Azalea Cay take shape, welcoming new residents, and continuing our work to make St. Pete a city where people at every stage of life and every income level can find a place to call home."
Azalea Cay is planned as a three-phase community with approximately 1,000 apartments at full buildout. Phase One will establish the foundation for a mixed-income neighborhood designed to serve the needs of a broad range of residents.
“Azalea Cay has required a tremendous amount of coordination, trust and shared commitment,” said Les Porter, president of Porter Development. “From the beginning, our focus has been on bringing the right public and private partners to the table and building a path forward for this important property. Today’s groundbreaking reflects what can happen when everyone works together with a common vision for the community.”
Following the remarks, elected officials and project leaders participated in a ceremonial groundbreaking to mark the official start of construction.